The View Down River

No. Volume is only a general consideration. Problem with volume is you never know when things are going to happen as result of what you see.

I will buy (or sell) into key S&R levels. What happened here was that spot hit a key level on the news this morning. You have to have faith in your levels to do this. Think of it as buying a car at an auction at a bargain price. Buy when price is cheap. It is hard to do at times and comes with experience and watching the market.

I also keep a close eye on the order flow on the CME. This is why I trade futures. I can see it. Granted I don't know if its buying or selling always, but it confirms my levels.

Hard to explain really.

DRT.

Quote from FX_Cowboy:

Congratulations on some awesome calls throughout the day!

Quick question: was your decision to go long at 1.1885 based on the volume divergence between the first big spike down (to 1.1879) and the second that went to 1.1882 about a half hour later?

Keep up the great trading!
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Hello DRT - I just felt compelled to echo FX Cowboy's sentiments - since stumbling onto your thread a few weeks ago in the Forex area, I have found your Euro calls uncanny. I'm starting to depend on your postings as a "bias crutch" - lol!

As a struggling currency day simtrader, I'm wondering if you might ever discuss the road travelled to where you are at in your current level of trading acumen. Have you pieced together your methodolgy through a diligent study of the available literature, studied at the feet of a master, or just had an innate ability to listen to what the market is saying?

If these questions are beyond the scope of your intentions, then my apologies - but I just had to ask :-)
Regards, ... tbone
 
Good morning everyone. I was traveling yesterday so was not able to stop by here.

Well....this one worked out to the tee. In hindsight, I am glad I got out of the at 1.1969 as price only went a couple ticks past and then south and has not looked back. It was not an easy way to get there, but money in the bank none the less.

Looks like around 84 ticks per contract on this one.

Take care.
DRT



Quote from downrivertrader:

Just an FYI- I am going to take my entire position off at 1.1969 area. Actually, I will watch for the spot price to go into the 1.1945 area. I think price will retreat here. I will re-enter long on pullbacks to the 1.1969 area though. I will update my progress.

Clear as mud.

DRT
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In looking things over so far this morning...I am inclined to get long just not sure where yet. In my opinion, there is still a good long trade here until I get confirmation that we are headed further south. If you think about, what has really changed. Nothing in my opinion. Old Benny did not say anything of significance and I think there is a lot of emotional trading going on.....which is prime opportunity for us to strike at a good price.
 
7:15 AM


Here's my first trade today.... Price is now at 1.1884. I want to get short at 1.1885 and will see if we can get a move down to the 1.872 area again.

At this point, I am going to reverse and go long. I will use a tight stop on the short trade down.

DRT
 
These are very kind words. Thank you. The short answer here is ...I am just like most of you. Self-taught and learning. I will try to elaborate on this when I get some non-trading downtime.

DRT


Quote from mephistoII:

Hello DRT - I just felt compelled to echo FX Cowboy's sentiments - since stumbling onto your thread a few weeks ago in the Forex area, I have found your Euro calls uncanny. I'm starting to depend on your postings as a "bias crutch" - lol!

As a struggling currency day simtrader, I'm wondering if you might ever discuss the road travelled to where you are at in your current level of trading acumen. Have you pieced together your methodolgy through a diligent study of the available literature, studied at the feet of a master, or just had an innate ability to listen to what the market is saying?

If these questions are beyond the scope of your intentions, then my apologies - but I just had to ask :-)
Regards, ... tbone
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8:30 AM Price at 1.1872

Okay, that worked. I am now long at 1.1872. Again, not for the weak of heart here.

If we do move up, I am thinking the 1.1907 area will be a good near term target, but there is a possibility of a nice move up in my opinion. The 1.1985 area could come into focus but lets see.


I will update as I can.


Quote from downrivertrader:

7:15 AM


Here's my first trade today.... Price is now at 1.1884. I want to get short at 1.1885 and will see if we can get a move down to the 1.872 area again.

At this point, I am going to reverse and go long. I will use a tight stop on the short trade down.

DRT
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This is looking like a nice (short term)bottom to me. It is the continuation bottom from the pre-Ben testimony. Spot is in a nice spot to move up. Keep sharp here cause sellers will be lurking big time.

We will hae to get thru this 1.1902 ish area for it to be real. I would suggest taking some or all off and waiting for confirmation in this area. I will likely do this unless there is major movement thru here.

There will be heavy selling in this area and we could move back down. So I would STRONGLY recommend you get out here and wait. (or go short:p)

DRT
 
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